The global sports watches market revenue was around US$ 27.6 billion in 2022 and is estimated to reach US$ 54.7 billion by 2031, growing at a compound annual growth rate (CAGR) of 7.9% during the forecast period from 2023 to 2031.
A sports watch is a type of wristwatch that is designed to be used by athletes during competition. Sports watches are timepieces made to gather, process, and display as much workout-related data as possible, all while giving athletes precise information during their training. A sports watch can be equipped with smartwatch functions like fitness tracking, health tracking, pulse monitoring, and instant access to notifications. Sports watch uses are varied and include skiing, climbing, and cycling.
Market Driving Factors
The increase in disposable income with surging population spending capacity is boosting the market growth. This is due to the growing consumer spending power, especially in emerging markets. In addition, smartwatches are increasing in popularity due to continual technological developments by key players, as they are sophisticated items that necessitate routine R&D for new elements. Furthermore, they come in a variety of feature sets and pricing ranges. With each generation, the sports watch becomes more cutting-edge, allowing its users to perform even good in sports and daily life.
The increasing popularity of timepieces for fitness and sports is a major factor that boosts the market growth. Over the last few years, the number of customers participating in sporting activities or working out at gyms has increased exponentially, growing sales for the sports watch industry. Furthermore, sports watches take the concept of health and fitness tracking to the next level. Elements such as increasing demand for wireless fitness and sports devices, surge health consciousness among users, and industry leaders' technological enhancements in sports watches are predicted to propel the revenue potential to some extent.
Sports watches consist of complicated circuit configurations owing to the integration of different devices including displays, sensors, and others into a small compact device. Thus, the high cost of these smart devices majorly limits the market expansion.
Regional Analysis
Europe dominated the market in terms of the largest shares and is predicted to maintain its dominance. This can be primarily attributed to the growth potential for companies providing innovative and new wearable devices. Furthermore, surges in urbanization and the rise in middle-class customers in developed and developing markets have facilitated the adoption of convenience-oriented lifestyles, making sports watches more desirable for customers of all age groups in the region.
Asia Pacific is predicted to dominate the market in terms of revenue. This is mainly owing to the increasing consumer electronics industry, coupled with an immediate surge of sports watch market sellers across the emerging economies of the region. Furthermore, the surging tech-savvy population, the growing popularity of health and fitness to maintain a healthy lifestyle, and the surge in purchasing power in the region.
Segmentation Insights
Product Type Insight
The mechanical sports watches segment is estimated to dominate the market in terms of the largest shares. This is primarily due to the surge in consciousness toward health and fitness has led to growth in demand for mechanical sports watches, especially in developed nations. As a result, innovative product launches and higher levels of comfort provided by devices boost the demand for mechanical sports watches.
End User Insight
The men segment is predicted to dominate the market in terms of revenue. This is mainly due to people being capable of spending more on luxury items owing to a surge in disposable income.
Price Point Insight
The luxury segment is anticipated to dominate the market in terms of the growth rate. This is primarily owing to the growing customer's willingness to spend more on wearable devices owing to enhanced lifestyles by increasing disposable income and other sports watch trends related to smart technologies.
Distribution Channel Insight
The specialty stores segment is expected to dominate the market in terms of the fastest growth rate. This is owing to the specialty stores providing options such as discounts as well as advantages of rapid gratification, which propel the market growth.
Prominent Companies
Segmentation Outline
The global sports watches market segmentation focuses on Product Type, End User, Price Point, Distribution Channel, and Region.
By Product Type
By End User
By Price Point
By Distribution Channel
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL SPORTS WATCHES MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: SPORTS WATCHES MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL SPORTS WATCHES MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL SPORTS WATCHES MARKET, BY PRODUCT TYPE
5.1 OVERVIEW
5.2 MECHANICAL SPORTS WATCH
5.3 DIGITAL SPORTS WATCH
6 GLOBAL SPORTS WATCHES MARKET, BY END USER
6.1 OVERVIEW
6.2 MEN
6.3 WOMEN
7 GLOBAL SPORTS WATCHES MARKET, BY PRICE POINT
7.1 OVERVIEW
7.2 LUXURY
7.3 ECONOMIC
8 GLOBAL SPORTS WATCHES MARKET, BY DISTRIBUTION CHANNEL
8.1 OVERVIEW
8.2 BRAND OUTLETS
8.3 E-COMMERCE
8.4 SPECIALTY STORES
8.5 OTHERS
9 GLOBAL SPORTS WATCHES MARKET, BY GEOGRAPHY
9.1 OVERVIEW
9.2 NORTH AMERICA
9.2.1 NORTH AMERICA MARKET SNAPSHOT
9.2.2 U.S.
9.2.3 CANADA
9.2.4 MEXICO
9.3 EUROPE
9.3.1 EUROPE MARKET SNAPSHOT
9.3.2 WESTERN EUROPE
9.3.2.1 THE UK
9.3.2.2 GERMANY
9.3.2.3 FRANCE
9.3.2.4 ITALY
9.3.2.5 SPAIN
9.3.2.6 REST OF WESTERN EUROPE
9.3.3 EASTERN EUROPE
9.3.3.1 POLAND
9.3.3.2 RUSSIA
9.3.3.3 REST OF EASTERN EUROPE
9.4 ASIA PACIFIC
9.4.1 ASIA PACIFIC MARKET SNAPSHOT
9.4.2 CHINA
9.4.3 JAPAN
9.4.4 INDIA
9.4.5 AUSTRALIA & NEW ZEALAND
9.4.6 ASEAN
9.4.7 REST OF ASIA PACIFIC
9.5 MIDDLE EAST & AFRICA
9.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
9.5.2 UAE
9.5.3 SAUDI ARABIA
9.5.4 SOUTH AFRICA
9.5.5 REST OF MEA
9.6 SOUTH AMERICA
9.6.1 SOUTH AMERICA MARKET SNAPSHOT
9.6.2 BRAZIL
9.6.3 ARGENTINA
9.6.4 REST OF SOUTH AMERICA
10 GLOBAL SPORTS WATCHES MARKET COMPETITIVE LANDSCAPE
10.1 OVERVIEW
10.2 COMPANY MARKET RANKING
10.3 KEY DEVELOPMENT STRATEGIES
10.4 COMPETITIVE DASHBOARD
10.5 PRODUCT MAPPING
10.6 TOP PLAYER POSITIONING, 2022
10.7 COMPETITIVE HEATMAP
10.8 TOP WINNING STRATEGIES
11 COMPANY PROFILES
11.1 ROLEX
11.1.1 OVERVIEW
11.1.2 FINANCIAL PERFORMANCE
11.1.3 PRODUCT OUTLOOK
11.1.4 KEY DEVELOPMENTS
11.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.2 FOSSIL
11.2.1 OVERVIEW
11.2.2 FINANCIAL PERFORMANCE
11.2.3 PRODUCT OUTLOOK
11.2.4 KEY DEVELOPMENTS
11.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.3 SAMSUNG
11.3.1 OVERVIEW
11.3.2 FINANCIAL PERFORMANCE
11.3.3 PRODUCT OUTLOOK
11.3.4 KEY DEVELOPMENTS
11.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.4 GARMIN
11.4.1 OVERVIEW
11.4.2 FINANCIAL PERFORMANCE
11.4.3 PRODUCT OUTLOOK
11.4.4 KEY DEVELOPMENTS
11.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.5 HUAWEI
11.5.1 OVERVIEW
11.5.2 FINANCIAL PERFORMANCE
11.5.3 PRODUCT OUTLOOK
11.5.4 KEY DEVELOPMENTS
11.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.6 APPLE INC.
11.6.1 OVERVIEW
11.6.2 FINANCIAL PERFORMANCE
11.6.3 PRODUCT OUTLOOK
11.6.4 KEY DEVELOPMENTS
11.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.7 POLAR ELECTRO
11.7.1 OVERVIEW
11.7.2 FINANCIAL PERFORMANCE
11.7.3 PRODUCT OUTLOOK
11.7.4 KEY DEVELOPMENTS
11.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.8 SUUNTO
11.8.1 OVERVIEW
11.8.2 FINANCIAL PERFORMANCE
11.8.3 PRODUCT OUTLOOK
11.8.4 KEY DEVELOPMENTS
11.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.9 FITBIT
11.9.1 OVERVIEW
11.9.2 FINANCIAL PERFORMANCE
11.9.3 PRODUCT OUTLOOK
11.9.4 KEY DEVELOPMENTS
11.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.10 COROS WEARABLES INC.
11.10.1 OVERVIEW
11.10.2 FINANCIAL PERFORMANCE
11.10.3 PRODUCT OUTLOOK
11.10.4 KEY DEVELOPMENTS
11.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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